Islander and Medici trade the European open | Page 76 | Forex Factory

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Islander and Medici trade the European open

  • #1,501
  • Apr 27, 2010 3:23am Apr 27, 2010 3:23am
Quoting Vantage

Medici, ej was better in early action but gu much better last hour, I'm going to stick with gu.
Agreed. For short-term trading as we do it here, if only trading one pair, cable is it. But euro-yen is good for longer-term plays, so I'll keep an eye on that and occasionally post my thoughts.
  • #1,502
  • Apr 27, 2010 3:29am Apr 27, 2010 3:29am
Quoting medici
Thanks Patience doesn't come easy to me...

Note also the timing with cable. Long entry in cable at exactly the same point as Euro hit 3345 was also part of the plan
Agreed - it was a great 1 min HL in cable - buys dont get any easier than that....http://cdn.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #1,503
  • Apr 27, 2010 3:31am Apr 27, 2010 3:31am
Hi ,

I have to say that looking at 2 pairs screws my head up completely

I am still getting my head around GU but I am getting better, much more consistent thanks to you guys
Money grows on the tree of persistence
  • #1,504
  • Apr 27, 2010 3:40am Apr 27, 2010 3:40am
The bounce was 35 pips up to the falling slow ema and the news wasnt good...34.9K vs 39.3K, so sold again.....I'll leave this open as I'm going out for a couple of hours....BFN
Trading Levels with WRBs
  • #1,505
  • Apr 27, 2010 3:41am Apr 27, 2010 3:41am
Quoting medici
Agreed. For short-term trading as we do it here, if only trading one pair, cable is it. But euro-yen is good for longer-term plays, so I'll keep an eye on that and occasionally post my thoughts.

Now if we can just find a signal that tells us when EJ is going to have a nice run.......
Trading Levels with WRBs
  • #1,506
  • Apr 28, 2010 1:33am Apr 28, 2010 1:33am
No Islander yet. Just before FO ther was a nice bounce off yesterdays low, which gave me 20 pips.
  • #1,507
  • Apr 28, 2010 2:02am Apr 28, 2010 2:02am
GM all,

just got home in time to miss the move up at 7.45 Grrr, unhappy about that so took a short at 7.54 and lost, more Grrr but then caught the elevator down at 8.29 off the Mas and all is well
Money grows on the tree of persistence
  • #1,508
  • Edited 4:45pm Apr 28, 2010 2:18pm | Edited 4:45pm
Quoting Islander
Now if we can just find a signal that tells us when EJ is going to have a nice run.......
The answer to that is...everyday! Euro-yen has a larger daily range than cable most days, so for me it's simply about following both (and Euro and Aussie) and spotting the opportunities as they emerge.
  • #1,509
  • Apr 28, 2010 2:42pm Apr 28, 2010 2:42pm
Quoting ozmacca
Hi ,

I have to say that looking at 2 pairs screws my head up completely
I know the feeling, and if you intend to grab 10-20 pips here and there off a 1min chart one (or two) pairs is all I can handle. On the other hand, following at least two pairs gives a better feel for the rhythm of the market.

My own solution to the challenge is (1) planning, and (2) multiple screens.

For example, during today's NY session my plan was to (a) sell Euro if it reached 1.3265, (b) buy euro-yen if it reached 123.31, and (c) buy cable at 1.5125 if the stops under 1.5140 were taken out (I also had two less planned trades, one winner and one loser).

Planning is step one, and then I don't follow all the pairs on screen as that would, as you say, screw my head. Instead I keep track of price levels on my quote screen filled with those colourful one-click buy/sell buttons, and only if the price is approaching the level of interest would I pay attention to the chart in question. And meanwhile I pick a pair or two to follow for very short-term trades.

Quote

I am still getting my head around GU but I am getting better, much more consistent thanks to you guys

I am delighted to hear
  • #1,510
  • Apr 28, 2010 5:42pm Apr 28, 2010 5:42pm
[quote=medici;3681114]I know the feeling, and if you intend to grab 10-20 pips here and there off a 1min chart one (or two) pairs is all I can handle. On the other hand, following at least two pairs gives a better feel for the rhythm of the market.

Hi Medici,

At present I am quite happy with small but successful trades, it has been a battle to get this far Not quite sure why it has taken me so long, I think it is that I have been trying to apply US ideas to the European opening session and this period is so unpredictable.

I read on FF about all the methods that claim to work in the US morning and look to apply them to UK and it seems the markets are extremely different.

At present I have altered a few things and I have been more successful so hopefully I can continue
Money grows on the tree of persistence
  • #1,511
  • Apr 29, 2010 12:54am Apr 29, 2010 12:54am
GM - news in 5 mins Nationwide HPI 0.4%

Lots of bad press this morning....It’s all about financial contagion and the downgrades of the PIIGS (some still looming) in newspapers like the FT and the FAZ. Not much good news to read anywhere so any EUR rallies are likely to be driven by short covering.

UK may also get downgraded....http://cdn.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #1,512
  • Apr 29, 2010 12:58am Apr 29, 2010 12:58am
Quoting Islander

UK may also get downgraded....http://cdn.forexfactory.com/images/icons/icon11.gif
GM! Yes, remember how the euro got hit and bond spreads widened to record levels before the downgrades of PGS? Some people had apparently caught wind of it. Something similar might be going on now with cable.
  • #1,513
  • Apr 29, 2010 1:51am Apr 29, 2010 1:51am
Quoting medici
GM! Yes, remember how the euro got hit and bond spreads widened to record levels before the downgrades of PGS? Some people had apparently caught wind of it. Something similar might be going on now with cable.
As they are US agencies that make these ratings, the announcements tend to be in the afternoon - Europewise....

Mmmmm - long in the mornings and short in the afternoons.....
Trading Levels with WRBs
  • #1,514
  • Apr 29, 2010 2:12am Apr 29, 2010 2:12am
Quoting Islander
Mmmmm - long in the mornings and short in the afternoons.....
Only for so long. A pattern that repeated itself today:

http://www.forexfactory.com/showpost...05&postcount=7
  • #1,515
  • Apr 29, 2010 2:13am Apr 29, 2010 2:13am
The HPI news was better than expected and there was a nice double bottom at 5143 - a 3 pip LL. The rally lasted until LO and was 58 pips up to the 5200 level. The high was a small doji, a nice reminder to get ready to sell, which I did.....http://cdn.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #1,516
  • Apr 29, 2010 2:16am Apr 29, 2010 2:16am
Quoting Islander
The HPI news was better than expected and there was a nice double bottom at 5143 - a 3 pip LL. The rally lasted until LO and was 58 pips up to the 5200 level. The high was a small doji, a nice reminder to get ready to sell, which I did.....http://cdn.forexfactory.com/images/icons/icon12.gif
Another day for simple-minded trading. Buy at 7am, sell at 8am
  • #1,517
  • Apr 29, 2010 2:28am Apr 29, 2010 2:28am
Quoting medici
Another day for simple-minded trading. Buy at 7am, sell at 8am
LOL or even sell ~an hour before FO, buy FO, sell LO....and now??
Trading Levels with WRBs
  • #1,518
  • Apr 29, 2010 2:29am Apr 29, 2010 2:29am
Quoting Islander
LOL or even sell ~an hour before FO, buy FO, sell LO....and now??
Go out and enjoy the day in my case!
  • #1,519
  • Apr 29, 2010 2:35am Apr 29, 2010 2:35am
Quoting medici
Go out and enjoy the day in my case!
That's good advice, Japan on holiday, no UK news scheduled.... also GB & the Prince of Darkness working like hell to delay the UK downgrade untill after the election....
Trading Levels with WRBs
  • #1,520
  • Apr 29, 2010 2:42am Apr 29, 2010 2:42am
Quoting Islander
The HPI news was better than expected and there was a nice double bottom at 5143 - a 3 pip LL. The rally lasted until LO and was 58 pips up to the 5200 level. The high was a small doji, a nice reminder to get ready to sell, which I did.....http://cdn.forexfactory.com/images/icons/icon12.gif
A 40 pip drop down into a 61% retrace ~ MS1 and then a HL so buy and see how far it goes....

Resistance ~5200, with the DP and days open 5 pips higher, then 5225 - 5240 levels from earlier in the week.....
Trading Levels with WRBs
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